Instead of doing my Strategic Management take home quiz the other night I went to play poker at a friend's house. It was a good strategic move, I made over $100 in less than two hours! But what about the cost maximization of the $4,000 class...that's for another post I think. This is about being a creditable poker player.
Six of us were playing a tournament style Texas Hold 'em poker game in which each player gets two face down cards and there are 5 communal, face-up cards in the middle of the table where any player can use to make the best possible 5 card hand. We all started with the same amount of chips and the person with all of the poker chips at the end wins. I'm a conservative player, I only bet when I have the top pair or think they someone is bluffing me. I got three great hands in a row. The first hand I bet big and had a couple of people match but then end up folding, not seeing my two face down cards. I did the same on the second hand. Finally on the third hand others thought I was bluffing at all of the hands but did not want to commit any more money to the pot. So I told them that if they matched the current bet I would commit to not bet anymore the rest of the hand and show them my cards. I had to make my previous plays credible so my opponents didn't think I was bluffing the whole time. I made my commitment irreversible by turning over my cards before I was required to in the game and I made it visible to all the other players which made it credible. You always want to be a credible poker player and always keep your commitments in life.
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